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Cancel Charge Card in: Subjects › Credit

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alert mods    
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   posted: Nov. 6, 2009 @ 11:44a

I know that if I cancel a credit card it can lower my credit score because my overall credit limit goes down.

What if I cancel an AMEX charge card? A promotion is coming to an end and I will have to start paying the annual fee. I would rather change to a different card that has no fee, but AMEX won't let me. (It can only be another charge card with a lower fee.)

Will canceling it hurt my credit score? And if it will, how long will that last? And is it worth $55 in annual fees to avoid?

Thanks!


   posted: Nov. 6, 2009 @ 11:45a

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alert mods    
rated:
   posted: Nov. 6, 2009 @ 12:12p

Unless you have something big in the works (like a house purchase, etc) it never makes sense to pay good money to keep your score up a few points.


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